USA: Historic bill to integrate crypto into the financial system will arrive next week – DiarioBitcoin

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USA: Historic bill to integrate crypto into the financial system will arrive next week - DiarioBitcoin By Hannah Perez

Senator Cynthia Lummis’s bill that addresses cryptocurrency regulation comprehensively is set to make its way to Congress.

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  • Lummis reiterated that the bill will be introduced on Tuesday, June 7.
  • It is a broad legal framework for a comprehensive regulation of cryptocurrencies.
  • Lawmakers could vote on the bill in 2023.

One of the most high-profile efforts to introduce cryptocurrencies to the financial system in the United States is about to take a concrete step this June.

US Senator Cynthia Lummis has been making progress in recent months on her work on a comprehensive bill that addresses the regulation of digital assets. The Republican first revealed the proposal in December of last year, and she has been collaborating with Democratic Sen. Kirsten Gillibrand this year to draft a regulatory framework.

The work of the past few months will finally pay off as both senators prepare to introduce the bill next week. Lummis had announced at the end of May that the June 7 was a tentative date to finally introduce the draft bill to the US Congress. In a tweet on Friday, the senator reiterated that this schedule remains in place:

We’ve been announcing it for months, but the time is almost here: a proposal to fully integrate digital assets into our financial system. We are very happy to be able to unveil this project next week. Pay attention.

Lummis bill arrives Tuesday

The bipartisan project promises to be key to the integration of digital assets into the traditional financial system. According to previous reports, the regulations will address everything from how digital assets are categorized and taxed, to the place of federal regulators in market surveillance. Other crucial aspects such as mining and consumer protections are also addressed.

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According to a report from CoinDeskwhich reviewed an earlier draft of the bill, one of the central proposals is for the Commodity Futures Trading Commission (CFTC) as the main regulator of the spot and futures markets, while the Securities and Exchange Commission (SEC) would remain as the supervisor of cryptocurrencies.

The project also appears to address many of the key blind spots in crypto regulation today. For example, it would clarify terms around the classification of cryptocurrencies while clarifying that digital currency mining would not be regulated by the same rules that apply to stockbrokers.

It would also regulate stablecoinsalthough I would leave aside the popular tokens non-expendable (NFT), as previously indicated DailyBitcoin. It is worth noting that the reports on the bill are based on previous versions of the draft and not on the final one.

Lummis, who is one of the defenders of Bitcoin firm Washington, announced on May 27 that the project was a work in progress and that a final draft would be published on June 7. “Any language circulating online is an incredibly outdated version of March 1“he said in a tweet the senator, inviting the public to wait for the final draft.

2023: a tentative date for your vote

A few days before, in an interview for CoinDeskGillibrand had also noted that the bill was still being drafted. At that time, as the medium picked up, the senator was shown “optimistic” on the proposal passing by 2023. She said she hopes to get the votes of the Senate “next year at the latest“.

We are really committed to creating the kind of framework and foundation legislation that will allow this industry to grow, to prosper. The best we can do for all these companies is to bring clarity.


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Article by Hannah Estefanía Pérez / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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